Tow Tractors Market is segmented by Product Type (Pedestrian Towing Tractors, Stand-in Towing Tractors, and Rider-seated Towing Tractors), and by Load Capacity (Light-duty Tow Tractors, Medium-duty Tow Tractors, and Heavy-duty Tow Tractors), and by Distribution Channel (Direct Sales [OEM] and Indirect Sales), and by Power Source (Electric and Fuel), and by Application (Railway Stations, Airports, Supermarkets, Industries, Warehouses, Distribution Centers, Military Cargo Stations, and Others), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World), and Tow Tractors Market Companies (Alke, Bradshaw Electric Vehicles, Eagle Tugs, Godrej Material Handling, Helge Nyberg AB, Hyster, JBT, Jungheinrich AG, Linde Material Handling, Motrec International Inc., Polaris Inc., Polaris Industries, Inc., Simai SPA, SPAN Trading LLC., Taylor-Dunn, The Raymond Corporation, and Toyota Material Handling)
Tow Tractors Market size shall reach a value of $2x61.4 Million in 2032, growing with a CAGR of 12.13% during the forecast period of 2022 to 2032.
Market Definition / Research Scope
Tow tractors are the vehicles that are used for transportation of loads at workstations or warehouses. They are mostly utilized for small loading areas, steel ramps, narrow paths or uneven surfaces to enable easy transportation. They increase productivity, reduce operational costs, and ensure product safety in the warehouses, distribution centers, and material handling industries. There are various types of tow tractors; pedestrian towing, stand-in towing, and rider-seated towing. They can either be fuel powered or electric. Tow tractors carry light weight or heavy weight loads that can either be palletized, un-palletized and roller-caged. They are applied in railway stations, airports, supermarkets, industries, distribution centers and warehouses.
The market is highly concentrated with top market players taking up 35%-40% of the market share.
In 2016, TUG Technologies Corporation launched the M7, which is a new electric tow tractor. Prior to that, in 2014, E-Z-Go had acquired TUG Technologies Corporation which is a leading manufacturer of ground support equipment in the aviation industry. The acquisition was to drive growth and expansion. In 2019, Skyway Aviation Handling Company Place(SAHCO) acquired a brand new fleet of Baggage tow tractors that have the capacity to convey up to 40 tonnes of cargo.
Tow Tractors Market Growth and Trends
In the tow tractor market, driverless tow tractors are a new offering. The self-driving vehicle manufacturer Seegrid has announced the release of its first vision guided vehicle (VGV) to feature auto-charge integration and enhanced sensing technology. To accommodate facilities with height restrictions, competitors are developing automated tow tractors with shorter masts.
Standard auto-hitch capabilities and reverse sensing capabilities are highly preferred in self-driving tow tractors. The auto-charging technology in these vehicles is attracting clients in key industries such as manufacturing, military, and airports. Using next-generation autonomous tow tractors, the companys fleet management software will automatically send vehicles to charging stations and schedule them to return once fully charged.
The market for autonomous guided vehicles (AGV) for tow tractors is growing rapidly. Due to its excellent technical and strategic achievements, vehicle manufacturers are gaining more credibility in the market. In order to enable autonomous material handling in both indoor and outdoor intralogistics processes and lean logistics, companies are developing strong research bases on self-driving tow tractors. In addition to increasing safety and flexibility, autonomous tow tractors reduce operating costs, which is emerging as a game changer for stakeholders in materials handling.
Drivers of Tow Tractors Market
Across the world, there are a large number of distribution centres and warehouses, which is driving the growth of the transportation and logistics industry. Global trade of commercial and industrial products is growing, which is boosting the demand for transportation and storage facilities across the globe. Material handling solutions for palletized, un-palletized, and roller-caged loads are therefore in high demand. Thus, the expansion of the transportation and logistics industry is driving the global market for tow tractors.
Online shopping has become a natural part of a customers buying process. eCommerce accounts for 18% of total retail sales in the U.K. Growth in eCommerce and retail businesses around the world is increasing the demand for warehouses with tractors to arrange products. As a result, the global tow tractors market is being propelled by the eCommerce sector.
In several industries, automation with advanced equipment and technology has been increasing to enhance productivity. Autonomous tractors are being developed as a result of the growth of automation technologies to reduce labour costs and improve material flow. In October 2020, EasyMile launched TractEasy, an autonomous tow tractor that eliminates the need for skilled labour, allowing businesses to reduce operating costs. Tow tractor manufacturers are expected to benefit from such innovations.
Challenges for Tow Tractors Market
Tow tractors market growth is expected to be hampered due to the high maintenance costs and initial investment requirements. Maintaining a conventional tow tractor is extremely costly due to high cost of the fuel required and complicated design. Cost barriers are hampering the global tow tractor market. For example, an electric Tow tractor costs much higher than the conventional tractors.
Tow Tractors Market Segmentation
Tow tractors are further classified according to type as rider-seated tractors, stand-in tractors, and pedestrian tractors. The largest market share of rider-seated towing tractors is due to their widespread use in factories and big industries for transporting cargo and goods within their premises. The rider-seated towing tractors are more comfortable and more powerful than the other two types because they can tow heavy loads in one trip. In addition, they are more convenient for transportation because they are more comfortable for the driver. The stand-in tractor segment holds a significant share of the global market, since it is widely used to transport goods to and from warehouses, supermarkets, and other small places. Because stand-in towing tractors are used in small spaces and have no seats, the driver operates the tractor from a standing position.
Airports, railway stations, supermarkets, industries, and warehouses are further classified based on type of application. Due to the fact that almost every industry uses towing tractors for the transportation of goods and other loads, the industries segment represents the largest share of the global market. The rapid expansion of the industrial sector will also increase the demand for tow tractors in this segment. Currently, companies are replacing human labour with technology and machinery to reduce labour costs as well as increase efficiency, safety, and reduce transportation time. Warehouses control a large share of the global market as retailers and small manufacturing firms have adopted tow tractors to reduce transportation costs and time.
Tow Tractors Market Regional Analysis
North America holds the biggest share in the global market due to its rapid industrial growth, increased awareness regarding convenient and efficient operations, shorter lead times, and improved worker safety. Moreover, Europe holds a large share of the global market due to its high labour cost and strict government regulations for handling goods and cargo. In the coming years, Asia Pacific is expected to show an exponential rise in its share of the global market due to rapid industrialization and growth in the commercial sector.
Tow Tractors Market Share and Competition
Key companies operating in this industry are: Alke, Bradshaw Electric Vehicles, Eagle Tugs, Godrej Material Handling, Helge Nyberg AB, Hyster, JBT, Jungheinrich AG, Linde Material Handling, Motrec International Inc., Polaris Inc., Polaris Industries, Inc., Simai SPA, SPAN Trading LLC., Taylor-Dunn, The Raymond Corporation, and Toyota Material Handling. By 2032, the tow tractor market will surpass US$ 1.9 Bn in revenue. As manufacturers expand their production capabilities, stand-in tow tractors are expected to grow exponentially in revenue share. Commercial EV retailer Compact Electric Vehicles in the U.K. has seized this opportunity to increase the availability of stand-in tow tractors with three wheels, an adjustable backrest, and an interactive display. In the tow tractor market, companies are focusing on R&D to develop innovations in electric tow tractors, for their smooth acceleration and improved productivity, as well as their energy-efficient motors. The use of electric tow tractors in order picking and horizontal transport is increasing in manufacturing.
Tow Tractors Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
• Data breakdown for every market segment (2022 – 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2022 - 2032)
• Pedestrian Towing Tractors
• Stand-in Towing Tractors
• Rider-seated Towing Tractors
Load Capacity Analysis (Revenue, USD Million, 2022 - 2032)
• Light-duty Tow Tractors
• Medium-duty Tow Tractors
• Heavy-duty Tow Tractors
Distribution Channel Analysis (Revenue, USD Million, 2022 - 2032)
• Direct Sales [OEM]
• Indirect Sales
Power Source Analysis (Revenue, USD Million, 2022 - 2032)
Application Analysis (Revenue, USD Million, 2022 - 2032)
• Railway Stations
• Distribution Centers
• Military Cargo Stations
Region Analysis (Revenue, USD Million, 2022 - 2032)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Tow Tractors Market Companies
• Bradshaw Electric Vehicles
• Eagle Tugs
• Godrej Material Handling
• Helge Nyberg AB
• Jungheinrich AG
• Linde Material Handling
• Motrec International Inc.
• Polaris Inc.
• Polaris Industries, Inc.
• Simai SPA
• SPAN Trading LLC.
• The Raymond Corporation
• Toyota Material Handling
Available Versions: -
United States Tow Tractors Market Research Report
Europe Tow Tractors Market Research Report
Asia Pacific Tow Tractors Market Research Report
India Tow Tractors Market Research Report
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